(1) Banking institutions are required by law to demonstrate
that their deposit facilities serve the convenience and needs of
the communities in which they are chartered to do business;

(2) The convenience and needs of communities include the
need for credit services as well as deposit services; and

(3) Banking institutions have a continuing and affirmative
obligation to help meet the credit needs of the local communities
in which they are chartered.

(b) It is the purpose of this article to require the
commissioner and the board to use their authority when examining
or investigating banking institutions or their bank holding
companies, to encourage such institutions to help meet the credit
needs of the local communities in which they are chartered
consistent with the safe and sound operation of such
institutions.

WVC 31 A- 8 B- 3
§31A-8B-3. Application for a deposit facility; definition.
The term "application for a deposit facility" means an
application to the commissioner or board for:

(a) A charter for a state bank;

(b) The relocation of the principal office or a branch of a
state bank;

(c) The establishment of a branch bank in an unbanked area
requiring approval under section twelve, article eight of this
chapter;

(d) The merger or consolidation with, or the acquisition of
the assets, or the assumption of the liabilities of a banking
institution requiring approval under section seven, article seven
of this chapter; or, the merger or consolidation with, or the
acquisition of the assets, or the assumption of the liabilities
of a banking institution requiring approval under section twelve,
article eight of this chapter.

(e) The acquisition of shares in, or the assets of, a state
banking institution requiring approval under article eight-a of
this chapter.

In connection with its examination or investigation of a
banking institution or bank holding company, the commissioner or
board shall:

(a) Assess the institution's record of meeting the credit
needs of its entire community, including low-and moderate-income
neighborhoods, consistent with the safe and sound operation of such
institution; and

(b) Take such record into account in its evaluation of an
application for a deposit facility or for permission to engage in
financially related services by such institution.

WVC 31 A- 8 B- 5
§31A-8B-5. Rules and regulations.
Regulations to carry out the purposes of this article shall
be promulgated by the commissioner.

Note: WV Code updated with legislation passed through the 2016 Regular Session
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